20 December 2019 Afternoon Session Analysis
AUD ascends as jobs data delivers.
Australian dollar extended its gains since yesterday over the backdrop of optimistic jobs data from the region. According to Australian Bureau of Statistics, Australia’s Employment Change for the month of November came in at 39.9K, significantly higher than forecast of 14.0K. In addition, unemployment rate for last month ticked down by 0.1% to 5.2%. Overall, significant improvement in employment market could lead to a recovery in consumer spending which would ultimately contributes to higher inflationary pressure in the long-run. However, gains on the Australian dollar remains limited as recently released meeting minutes from Reserve Bank of Australia (RBA) suggests imminent rate cut next year if wage growth remains tepid. As of writing, pair of AUD/USD rose 0.17% to 0.6896. On the other hand, the dollar index rebounds by 0.03% to 96.96. On yesterday, US dollar received some bearish pressure after House of Representatives votes in favor to impeach US President Donald Trump over alleged misuse of power. Trump will now face trial in the Senate which would begin next year.
As for commodities market, crude oil price rose 0.05% to $61.16 per barrel. Oil price continues to hover near three-months high as easing trade war risk in between US and China refreshes market outlook towards global economic growth in the long-run. On the other hand, gold price slipped 0.02% to $1,478.68 a troy ounce due to a rebound in US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17.30 | GBP – GDP (QoQ) (Q3) | 0.3% | 0.3% | |
| 17:30 | GBP – GDP (YoY) (Q3) | 1.0% | 1.0% | – |
| 21:30 | USD – GDP (QoQ) (Q3) | 2.1% | 2.1% | – |
| 21:30 | CAD – Core Retail Sales (MoM) (Oct) | 0.2% | 0.3% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 96.85. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward the resistance level at 97.25.
Resistance level: 97.25, 97.70
Support level: 96.85, 96.25
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3035. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo short term technical correction toward the resistance level at 1.3035.
Resistance level: 1.3035, 1.3085
Support level: 1.2970, 1.2820
EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.1170. MACD which illustrated diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 1.1075.
Resistance level: 1.1170, 1.1240
Support level: 1.1075, 1.1005
USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 109.25. MACD which illustrated diminishing bearish momentum suggest the pair to be traded lower after it successfully breakout below the support level at 109.25
Resistance level: 109.70, 110.25
Support level: 109.25, 108.95
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6880. MACD which illustrated bullish momentum suggest the pair to extend its gains toward the resistance level at 0.6925.
Resistance level: 0.6925, 0.6965
Support level: 0.6880, 0.6850
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6600. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6625.
Resistance level: 0.6625, 0.6665
Support level: 0.6600, 0.6570
USDCAD, H4: USDCAD was traded higher following prior rebound from the lower level. MACD which illustrated bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.3145.
Resistance level: 1.3145, 1.3210
Support level: 1.3085, 1.3020
USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9810. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.9760.
Resistance level: 0.9810, 0.9845
Support level: 0.9760, 0.9690
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 60.80. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.
Resistance level: 60.80, 61.95
Support level: 59.70, 58.60
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1477.60. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1484.70.
Resistance level: 1484.70, 1495.50
Support level: 1477.60, 1471.65